Snowflake Inc. expects a 24% increase in product revenue for the fiscal year ending January 2026, reaching US$4.28 billion. This forecast surpasses analysts’ estimate of US$4.23 billion.

In the fiscal fourth quarter, product revenue grew 28% to US$943.3 million, exceeding expectations of US$915.8 million. The number of customers spending over US$1 million annually rose to 580 from 542.

The company continues expanding its AI capabilities, allowing customers to use models from OpenAI and Anthropic.

CEO Sridhar Ramaswamy emphasizes integrating large language models into Snowflake’s systems.

Remaining performance obligations hit US$6.9 billion, above the US$6.67 billion estimate.

Shares jumped 9% in after-hours trading after closing at US$166.19 earlier that day.

Recent Snowflake developments